A story of ecosystem development
Avalanche network has made its mainnet in last September. From the beginning, the team of Avalanche and AVA Labs are working hard for developing the network. Avalanche network has been designed and developed by scientists working at Cornell University, New York. AVA Labs’ team has been evolved and recruited more people including developers, computing scientists, marketing specialists and more. The aim of Avalanche network is to build the internet of finance and to digitize all kind of assets. After 10 months Avalanche is walking on its way and achieved important advancements.
The pre-ICO period at Avalanche network was also very successful and incentivized testnets including Denali and Everest testnets were performed. The community has been enlarged from a few hundred people to tens of thousand members at the Hub. Avalanche did not make airdrops but they have provided a comprehensive community hub, an incentivized community program, where it is possible to earn points that can be converted to #AVAX. After the mainnet several projects (>234) and partnership have been announced in 10 months.
What were the milestones of Avalanche’s network?
Avalanche’s technological background
Avalanche network has got a strong technical background mainly depending on its genuine consensus mechanisms. Avalanche is providing solutions for decentralization, scalability and security problems of current blockchains. Briefly, Avalanche has got three chains working together; X chain (coming from exchange) is the chain where #AVAX transactions happens, C-Chain is the contract chain that allows smart contract interactions and all the DeFi activities. Finally the P (platform) chain is home network for #AVAX staking and validation of all networks. Avalanche is a proof of stake, low energy consuming, high speed and secure network where staking #AVAX is the key for securing the network. Avalanche’s subsecond transaction finality prevents most of problems that can occur in slower networks (i.e. front running).
At the beginning of the mainnet, Avalanche C-Chain was not active. It was only possible to trade AVAX send and/or receive it via X-chain and stake it on P chain and earn passive incomes. The activation of Avalanche C-chain was a milestone for the network’s functionality. Avalanche Ethereum Bridge was activated and transactions from Ethereum network to Avalanche C-Chain that runs Ethereum Virtual Machine started. Transactions from Avalanche wallet to Metamask C Chain addresses have been started. ERC-20 coins have been able to cross the bridge and participate in Avalanche networks’ DeFi applications. However, a major problem occurred at the beginning of the C-Chain but the team worked very hard and solved the problem in short term. Several decentralized exchanges and applications have been launched later.
Avalanche’s launch and listing
Avalanche’s ICO model was a sample of success. The ICO was scheduled on July 08 2020. That day, there was an over demand for participating the ICO and the website became down quickly. The team decided to postpone it for a week and they have used a queue system provided by Tokensoft. Later that model is been widely used in other platforms including Coinlist. After less than two months from the ICO Avalanche’s mainnet launched and #AVAX is been listed in tier 1 exchanges like Binance, Huobi global and more.
Avalanche’s fast developing ecosystem
Pangolin exchange was a milestone for Avalanche network as the main decentralized exchange allowing liquidity providing and #PNG mining. Xero exchange, Yetiswap, Snowball finance, Baguette exchange, Gondola finance and more have been launched. More people used DeFi tools. Transactions on C-Chain increased and crossed the transaction of X chain. These decentralized exchanges are providing passive incomes with the risk of impermanent loss. There are also some more conservative products like stable vaults that use stable coin pairs with lower incomes without impermanent loss.
Although Avalanche did not make any airdrop, several projects announced their own airdrops for people using DeFi instruments on Ethereum or Avalanche networks. One of the best airdrops was Baguette exchange’s airdrop which has used a snapshot of validators and stakers on Avalanche network. The tokens were sent to the addresses and exchanged with C-Chain #BAG tokens. Baguette team have also provided single token baking oven option which was a new feature on Avalanche network. This model is been used also by Avalaunch, an Avalanche native token launching platform.
Another successful project was achieved by markr.io application. Markr is searching and finding best trading prices for assets that the user wants to swap on Avalanche network. Over the platform it is also possible to see transactions of an address and to find best passive earning options at Avalanche DeFi applications.
Automatic yield compounders were the next phase in DeFi, and Yield Yak became very popular by increasing automatically earnings of DeFi at Avalanche network.
Avalanche’s unique features
Avalanche wallet is also another developing api that allows sending receiving AVAX and Avalanche native tokens, cross chain transfers on Avalanche network, staking and validation activities, C-Chain transfers and NFT minting. NFTs were very popular a few months ago and it was very cheap minting an NFT on Avalanche wallet when compared to Ethereum network.
Avalanche C-Chain transactions were very cheap when compared to Ethereum networks transaction fees. Nowadays, Ethereum transaction fees are normalized and Avalanche C Chain transactions are expected to diminish more.
Another milestone was the release of Apricot phases on Avalanche network. Centralized exchanges started supporting direct C-Chain #Avax and a few Avalanche native tokens’ transfers (i.e. Gate.io and Kucoin for #AVAX, #VSO, #XAVA and more). The most important milestone will be definitely the start of transfers of #ETH and all ERC20 tokens to Avalanche C-Chain addresses from centralized exchanges.
2021 Roadmap for Avalanche
The platform aims to keep on developing Apricot phases and bring governance to the P chain. New DeFi lending platforms and first initial litigation offering is also scheduled in the Q3 of this year.
The new Avalanche bridge is been activated this week and it is working 10x faster than the previous one at one fifth cost. The new bridge will later support other blockchains.
Expectations
Almost every day there are new announcements and advancements on Avalanche network. There are several older blockchains that are still working to launch smart contracts on their network years after mainnet. Avalanche achieved all of these developments in less than a year. If the team and developers work in future with the same enthousiasme the network may become the leading DeFi platform and reach their initial targets of building the internet of finance.
Sources
docs.avax.network
community.avax.network
pangolin.exchange
